Environmental campaigners gain seats on ExxonMobil board

ExxonMobil shareholders have voted in a major change to the company’s board of directors, electing two nominees from Engine No 1, a hedge fund that has been waging a campaign since December, saying the oil and gas group’s focus on fossil fuels had put it at “existential risk”. Eight ExxonMobil nominees were also voted to the board of directors.

Commenting on the development, Darren Woods, Chairman and CEO, ExxonMobil, said: ‘We’ve been actively engaging with shareholders and received positive feedback and support, particularly for our announcements relating to low carbon solutions and progress in efforts to reduce costs and improve earnings. We heard from shareholders today about their desire to further these efforts, and we are well positioned to respond.’

ExxonMobil reports that it has developed a portfolio of investment opportunities in high-return, low cost-of-supply projects, also significantly reduced emissions and setting clear plans for further reductions to 2025, consistent with the goals of the Paris Agreement.

Meanwhile, it is understood that more than 60% of Chevron’s shareholders voted at its annual general meeting in favour of a proposal to reduce the company’s Scope 3 emissions substantially in the medium- to long-term. The proposal, which was put forward by a shareholders’ group, did not contain a specific reduction target, so Chevron would still be free to choose how much it wants to cut Scope 3 emissions (at least for now).